It might seem like a dream, to live in a lavish London mansion, but the upkeep on a property over £10 million is likely to be around £250,000 a year.
Living in a mansion in one of London’s affluent borough’s might seem the stuff of dreams. But the cost of maintaining such a lavish property is likely to leave most of us waking up in a cold sweat.
New research has shown that running costs of a large home in central London — including heating bills, cleaning, security and insurance — total more than £250,000 a year.
Sales of London properties worth £10 million or more were up 69 per cent in the first half of the year, according to Mayfair agents Beauchamp Estates and specialist property researchers
But as well as the initial cost of the house owners would have to find £2,143 in council tax, £20,000 on utility bills, £50,000 on security, £20,000 on cleaning, £30,000 on a housekeeper, £67,250 on insurance and £6,000 on a gardener.